S. Hrg. 114-12: The Economic Report of the President: Hearing Before the Joint Economic Committee, Congress of the United States, One Hundred Fourteenth Congress, First Session, March 18, 2015   [open pdf - 593KB]

This is the March 18, 2015 hearing on "The Economic Report of the President," held before the Joint Economic Committee of the US Congress. From the opening statement of Committee Chairman Daniel Coats: "But the age old question in economics is this: how does a nation or state best create economic growth and rising living standards for its citizens? It has been nearly six years since the recent recession ended. Although many encouraging signs of improvement, the recovery has been modest and there are still many Americans in need of opportunity. In fact, since 1960 our nation has experienced seven recessions and recoveries but the current recovery has been the slowest of those seven. The recoveries of the past 50 years provide comparative data to measure the progress of our current recovery. On measures of GDP, jobs and income growth, our current recovery ranks either dead last or second last. Annual GDP [gross domestic product] growth grew 4 percent in the average post-1960 recovery. This recovery has averaged just 2.3 percent GDP growth. Personal income rose an average of 15.3 percent in the past recoveries. This recovery has reached 7.1 percent over the same time frame. Median household incomes have collapsed by $2,100 on the average in real terms during this recovery, and while the pace of new jobs has picked up recently there are still 5.5 million fewer private sector jobs in this recovery than the average of past recoveries. That is not something to be proud of." Statements, letters, and materials submitted for the record include those of the following: Jason Furman.

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S. Hrg. 114-12; Senate Hearing 114-12
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